DALLAS, Jan. 10, 2017 /PRNewswire/ -- The Employees' Retirement Fund of the City of Dallas (ERF) announced solid investment returns today to support the pensions of the city's civilian employees. The fund reported annualized one-year (2016) returns, net of fees, of 9.08 percent. The fund's annualized returns, net of fees, was 8.82 percent for the past five years and 8.52 percent over thirty years. The fund manages assets of more than $3.2 billion and is more than 80 percent funded.
"These returns represent the commitment of our board and professional management to a diversified portfolio of quality conservative investments in partnership with the best internal and external management teams," said John D. Jenkins, Chairman ERF Board of Directors. "City of Dallas employees work hard and contribute a significant amount of their salaries to the pensions they earn when they retire."
The ERF Board, Dallas City Council and Dallas voters recently approved changes to the plan that will reduce pension liabilities by $2.15 billion over the next 30 years while maintaining the plan's financial integrity and providing competitive benefits. The adjustment in benefits began in January 2017 for new city employees that takes into account longer life spans for retirees.
"These changes will provide future city employees with a secure retirement while assuring that the plan will maintain a strong financial position," said Jenkins. "We appreciate the city council and public's support and will continue to manage the fund for growth through conservative diversified investments."
About Employees' Retirement Fund of the City of Dallas
The Employees' Retirement Fund of the City of Dallas (ERF) is a $3.2 billion pension plan for the city's permanent civilian employees established in 1944. ERF's Board has the fiduciary responsibility, for 7,000+ civilian employees, 1,000+ deferred vested members, and 6,700+ retirees who depend on the Fund for their retirement.
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SOURCE Employees’ Retirement Fund of Dallas